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- Exclusive
- Building Bad
Albanese to push aside CFMEU bosses
The Albanese government will seek to appoint an external administrator to clean up the CFMEU, sidelining its national and state leaders. The MUA is also considering whether to split from the CFMEU.
- Exclusive
- Big four
ANZ suspends traders for alleged misconduct amid markets probe
The bank’s executives are battling to contain a growing scandal about its trading team, with the regulator investigating whether bond trades were manipulated.
How vicious feuds 50 years ago sowed the seeds of the CFMEU
The evolution of today’s militant construction union can be traced back to the unlikely locale of the leafy Sydney suburb of Hunters Hill.
Aussie who says he invented bitcoin faces UK crime probe
Australian inventor Craig Wright has claimed for a decade that he created bitcoin but now faces perjury allegations in a UK criminal court.
Contribution caps to be raised or removed under aged care reforms
The lifetime contribution cap for residential care would increase from $76,096 to $190,000, and abolished for home care.
Senators demand Cbus cut ties with CFMEU-appointed directors
There are currently three CFMEU-appointed directors on the super fund’s board.
The two-pronged attack to win the US heartland
Donald Trump’s unscheduled appearance, replete with bandaged ear, set the scene for a week in which the now-official nominee is supposed to ditch the corrosive rhetoric.
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BUILDING BAD
Senators demand Cbus cut ties with CFMEU-appointed directors
There are currently three CFMEU-appointed directors on the super fund’s board.
Qld Premier suspends CFMEU donations amid investigation
Premier Steven Miles said he would refuse to meet with the union’s officials until after Queensland police had conducted an analysis of allegations of criminality.
Outrage at CFMEU bid to get prosecution powers
The ACT branch of the embattled construction union is seeking powers to investigate and refer matters to the ACT Director of Public Prosecutions.
‘Integrity, credibility’: CFMEU praises Setka, rejects outside inquiry
The union does not believe any construction deal with the government was achieved through corruption, but is terminating a contract with one company.
- Investigation
- Building Bad
Allan, Albanese told of union thuggery in 2022
Detailed evidence was sent more than 18 months ago that CFMEU officials were threatening violence and banning non-union preferred firms from taxpayer-funded projects.
US ELECTION
- Analysis
- US election
Panic to resignation, ‘the vibe is grim’ for Democrats
The party is now firmly divided over how to proceed with a weakened leader in a scrambled political environment.
Biden defends ‘bullseye’ comment as party split deepens
The US president’s defensive interview underscored his precarious political position in the aftermath of the debate and attempted Trump assassination.
In Vance, Trump picks an ambitious ideologue and Millennial
His youth – there are nearly 40 years separating them, and he is the first Millennial nominated to a major-party ticket – could prove a boon to the ticket.
- Opinion
- US election
Don’t lose sight of Project 2025. That’s the real Trump
Much of what is in the blueprint for governing, especially its multipronged attack on reproductive rights, is deeply unpopular, writes Paul Krugman.
- Opinion
- Inflation
Why Trump and other trends all point to higher inflation
Societal forces from politics to geopolitics to de-globalisation to ageing and climate change are creating conditions that push towards higher inflation.
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Companies
- Updated
- Roads
Review finds Transurban should be forced to renegotiate Sydney tolls
The recommendations put the NSW government on a collision course with the ASX-listed motorway giant, which controls 11 of the city’s 13 toll roads.
AGL, Squadron CEOs warn of pitfalls in flagship clean energy policy
The Capacity Investment Scheme could end up supporting poor projects that only won contracts because they bid at a cheap price and which will never be built, a clean energy summit heard.
Rio Tinto’s $34.3b African iron ore project gets green light
Soft iron ore exports from Western Australia were overshadowed by final approvals for the Simandou iron ore project in Africa.
KPMG pay growth slows in tough market
Pay rises for this financial year were minimal, with graduate salaries increasing by an average of just 1.5 per cent.
Rinehart boosts stake in $5b WA magnetite project linked to India
Australian richest person, Gina Rinehart, is set to strengthen ties with India as the case for a new magnetite mine starts to stack up.
Genex to depart ASX after investors back J-Power takeover
Shareholder approval of the deal, worth more than $1 billion including debt, was in little doubt after 19.9 per cent investor Skip Capital revealed it would back it.
- Opinion
- Chanticleer
Resources sector’s No.1 health indicator flashes red
It’s good that Rio Tinto shipped 80 million tonnes of iron ore from the Pilbara in June, but think about what’s happening below the surface in Australian resources.
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Markets
Bond market dials up US rate cut bets; RBA left behind
Goldman Sachs says there is now “solid rationale” for the Federal Reserve to start cutting rates this month. It’s a different picture in Australia, where markets are still pricing in a rate rise.
Investors to pull money from banks as property, miners rebound
Equity strategists are expecting the ASX 200 to stay around 8000 points until the end of the year. But it won’t be the banks leading the year-end rally.
- Opinion
- Chanticleer
Why these 14 ASX stocks could be set to disappoint
The sharemarket might be flirting with all-time highs, but there’s a growing sense investors are far too optimistic about earnings growth next financial year. Here’s why.
The ’10-bagger’ stocks that helped push the ASX above 8000
Two blockbuster biotech winners and beneficiaries of investment in the energy transition helped create wealth for savvy investors as shares topped 8000 points.
- Exclusive
- Mergers & acquisitions
Farquhar’s Skip Capital will back J-Power’s takeover of Genex
The Atlassian billionaire’s fund owns 19.9 per cent of the ASX-listed renewable energy group. Its support removes a major roadblock for the Japanese utility.
Opinion
Australia’s blue blood miner, management moderniser and business nationalist
During his heyday in the 1970s and ’80s, Sir Roderick Carnegie was a believer in the power of big corporations competing in open markets to drive human progress.
Editorial
Why Trump and other trends all point to higher inflation
Societal forces from politics to geopolitics to de-globalisation to ageing and climate change are creating conditions that push towards higher inflation.
Economics professor
Time running out to fix school funding sticking point
Here we are, 12 years later, with at least one school generation having finished their education, and there’s still no needs-based Gonski funding for disadvantaged students.
Charity leader
Donald Trump goes for broke with Vance
Vice presidential candidate J.D. Vance is more evidence of how confident the Trump campaign feels about its election prospects.
Columnist
By picking J.D. Vance as VP, Trump has picked himself
There’s no broadening of the ticket. It’s a declaration that a 2024 victory means the Republican Party will remain fervently nationalist and populist for years.
US political columnist
Surely everyone knew the CFMEU’s dirty secrets?
Given the money flows between the union, criminals, building companies and the Labor Party, cleaning out this poison must surely require action by federal or state corruption bodies.
Editorial
Reports
Sustainability Leaders
The list celebrates Australasian companies that are making real progress in tackling sustainability challenges – and delivering business value along the way.
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COVID-19 lockdown anger a turning point in political discourse
Dangerous and undemocratic social media activity started during Victoria’s pandemic lockdowns is persisting, the Home Affairs Minister has warned.
$2400 a night: Hotel prices soar as Origin fans flock to Brisbane
A perfect storm for the blockbuster rugby league series decider has sparked a surge in hotel rates across the city.
AFP must have adequate resources to protect MPs: Coalition
Amid increased attacks and acts of vandalism on local MPs’ offices, opposition home affairs spokesman James Paterson said AFP resourcing was an area of concern.
- Exclusive
- Australian economy
Rod Carnegie’s seminal lunch with Paul Keating
Paul Keating reveals, for the first time, the pivotal conversation about the Australian economy with Rod Carnegie at lunch in Melbourne almost 50 years ago.
The democratic project is backsliding, warns O’Neil
Many countries are becoming less democratic as new strains of nationalism emerge around the world, the Home Affairs Minister said.
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World
In Vance, Trump picks an ambitious ideologue and Millennial
His youth – there are nearly 40 years separating them, and he is the first Millennial nominated to a major-party ticket – could prove a boon to the ticket.
Trump’s running mate once called him an ‘idiot’ and ‘unfit for office’
J.D. Vance, once a strong critic of Donald Trump, and widely known as the best-selling author of ‘Hillbilly Elegy’, will be Donald Trump’s vice president.
- Opinion
- US election
The 2024 presidential election is not over yet
Millions of “never Trump” voters are unlikely to become “Yes Trumpers”, however appalled they are by the vile attempted murder, writes Gideon Rachman.
Luxury brands roll out huge discounts as Chinese rein in spending
The sales are being offered primarily by aspirational brands such as Versace and Burberry, as China’s once-voracious middle-class consumers become more frugal.
Judge dismisses classified documents case against Trump
A Florida judge, appointed to the bench by the former president, ruled the federal case against him for mishandling classified documents was unconstitutional.
Property
The city that is still relatively affordable to buy a house
Rapid house price increases in the past year has sparked a sharp decline in the proportion of affordable house markets across Perth, Brisbane and Adelaide.
- Exclusive
- Retail property
Challenger sells Tasmanian mall for record price
The wealth giant has sold Channel Court, which is the largest sub-regional mall south of the Hobart CBD, for $82.5 million.
- Exclusive
- Commercial real estate
Consolidation coming to co-working as Melbourne rivals merge
CreativeCubes, backed by Flight Centre co-founder Geoff Harris, has bought five Melbourne hubs from Workspace 365 as it prepares for an offshore assault.
Office funds post their worst performance since GFC
ISPT 50 Lonsdale Street Property Trust and the Mirvac Wholesale Office Fund were the worst performers, posting declines in total return of more than 20 per cent.
First home buy costs $1.28 million – and 858km
Affordability is pushing rookie property purchasers to look more widely than before. But they’re often also older, and have more money to spend.
Wealth
Popularity of sustainable ETFs dives to lowest in a decade
Platinum Asset Management will terminate its Global Transition Fund due to low demand.
Super giant is ‘comfortable’ being among the worst funds for FY24
Industry super fund Hostplus’ annual return for its default product was among the lowest in the sector, but CIO Sam Sicilia says its long-term plan is solid.
The $1m investment that will give you warm fuzzies and a tax deduction
These funds are the vehicle chosen by many wealthy families – this is how they work.
Technology
- Exclusive
- Funding
Construction start-up lands mega $105m deal
Melbourne software company HammerTech has landed a $105 million investment from Californian private equity shop Riverwood Capital.
- Exclusive
- Funding
Woolies, Harris Farm, Tesla chair, pile in to back biosecurity start-up
ExoFlare has plans to build a global biosecurity tech firm, modelled on international cybersecurity players, and has big-name backers watching as it helps tackle bird flu.
- Exclusive
- Funding
Sydney VC raises $20m in four days for ‘evergreen’ fifth fund
Early-stage software investor EVP’s fifth fund is targeting an underserved segment of the Australian capital market, and pulled in $20 million since last Thursday.
Work & Careers
Why this radio host moved in with his in-laws to become a lawyer
Check out the latest post in our fortnightly AFR series featuring professionals who have made a big career leap into the unknown.
KPMG axes legal division, dozens of jobs to go
KPMG will undertake its second major restructure in a month, bringing a decisive end to its ill-fated legal experiment.
Life & Luxury
The nine most pressing questions about middle age, answered
Read this, and you’ll be able to navigate its aches and pains, weight gain, perimenopause, low libido, memory loss, chronic diseases and stress.
This Olympian started her business seven months before Paris
Being a professional athlete is hard enough. Somehow, beach volleyball star Mariafe Artacho del Solar has found time to start a small business.
Paris haute couture week is fashion’s answer to the Olympics
For enthralling displays of human skill, witness the designs of Daniel Roseberry for Schiaparelli and Thom Browne at the autumn/winter 2024 shows.
- Gadgets With John Davidson
- Digital Life
This foldable phone will make other people envy your selfies
Samsung’s Galaxy Flip6 won’t just take great self-portraits, it will help you get to Instagrammable locations, too.
Scientists identify the best type of exercise for mental sharpness
Queensland Brain Institute researchers studied sprinters, speed walkers and more leisurely exercisers. Here’s what they found.
From the gallery
The Australian Financial Review Magazine
About Time Watch Weekend to return in September
- Matthew Drummond
BOSS Financial Review
Secrets of Olympians who have conquered the business world
- Euan Black and Patrick Durkin
